US HB6918 | 2019-2020 | 116th Congress

Status

Spectrum: Partisan Bill (Democrat 103-1)
Status: Introduced on May 19 2020 - 25% progression
Action: 2020-05-19 - Referred to the Committee on Financial Services, and in addition to the Committees on the Judiciary, and Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Pending: House Financial Services Committee
Text: Latest bill text (Introduced) [PDF]

Summary

Paycheck Recovery Act of 2020 This bill directs the Department of the Treasury to establish a paycheck recovery program to provide grants for certain small businesses and employers that have lost revenue because of COVID-19 (i.e., coronavirus disease 2019) to pay wages and fixed expenses such as rent, utilities, and safety equipment. Treasury shall award such grants to employers that have experienced revenue losses above a 10% gross receipts threshold or to small businesses that employ 20 or fewer individuals and have annual gross receipts of less than $3 million. Recipients shall receive an initial, 90-day grant that covers the percentage of revenue loss multiplied by wages provided to an employee (up to a salary cap of $90,000), plus an additional 25% of total wages to cover business operating costs. Subsequent grants shall be disbursed on a monthly basis until the nationwide unemployment rate remains below 7% for three consecutive months, at which point Treasury shall terminate the program. An employer receiving a grant must meet certain conditions related to share repurchases, payments to shareholders or bondholders, and executive compensation and bonuses, as well as conditions relating to labor protections such as keeping employees on payroll and benefits. The bill also establishes a Congressional Paycheck Recovery Program Implementation Oversight Board to ensure employers that receive grants use the funds appropriately and comply with all conditions.

Tracking Information

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Title

Paycheck Recovery Act of 2020

Sponsors

Rep. Pramila Jayapal [D-WA]Rep. Haley Stevens [D-MI]Rep. Adam Schiff [D-CA]Rep. Sean Casten [D-IL]
Rep. Mark Pocan [D-WI]Rep. Katie Porter [D-CA]Rep. Veronica Escobar [D-TX]Rep. Alma Adams [D-NC]
Rep. Karen Bass [D-CA]Rep. Joyce Beatty [D-OH]Rep. Don Beyer [D-VA]Rep. Earl Blumenauer [D-OR]
Rep. Lisa Rochester [D-DE]Rep. Suzanne Bonamici [D-OR]Rep. Brendan Boyle [D-PA]Rep. Julia Brownley [D-CA]
Rep. Joaquin Castro [D-TX]Rep. Andre Carson [D-IN]Rep. Judy Chu [D-CA]Rep. David Cicilline [D-RI]
Rep. Katherine Clark [D-MA]Rep. Yvette Clarke [D-NY]Rep. Emanuel Cleaver [D-MO]Rep. Steve Cohen [D-TN]
Rep. Gerald Connolly [D-VA]Rep. Peter DeFazio [D-OR]Rep. Rosa DeLauro [D-CT]Rep. Debbie Dingell [D-MI]
Rep. Adriano Espaillat [D-NY]Rep. Dwight Evans [D-PA]Rep. Marcia Fudge [D-OH]Rep. Jesus Garcia [D-IL]
Rep. Sylvia Garcia [D-TX]Rep. Raul Grijalva [D-AZ]Rep. Debra Haaland [D-NM]Rep. Alcee Hastings [D-FL]
Rep. Jahana Hayes [D-CT]Rep. Denny Heck [D-WA]Rep. Steven Horsford [D-NV]Rep. Sheila Jackson-Lee [D-TX]
Rep. Hakeem Jeffries [D-NY]Rep. Henry Johnson [D-GA]Rep. Joseph Kennedy [D-MA]Rep. John Larson [D-CT]
Rep. Barbara Lee [D-CA]Rep. Andy Levin [D-MI]Rep. Mike Levin [D-CA]Rep. Ted Lieu [D-CA]
Rep. Alan Lowenthal [D-CA]Rep. Tom Malinowski [D-NJ]Rep. Carolyn Maloney [D-NY]Rep. James McGovern [D-MA]
Rep. Grace Meng [D-NY]Rep. Joseph Morelle [D-NY]Rep. Jerrold Nadler [D-NY]Rep. Grace Napolitano [D-CA]
Rep. Joseph Neguse [D-CO]Rep. Eleanor Norton [D-DC]Rep. Alexandria Ocasio-Cortez [D-NY]Rep. Ilhan Omar [D-MN]
Rep. Frank Pallone [D-NJ]Rep. Chellie Pingree [D-ME]Rep. Ayanna Pressley [D-MA]Rep. Jamie Raskin [D-MD]
Rep. Cedric Richmond [D-LA]Rep. Lucille Roybal-Allard [D-CA]Rep. Bobby Rush [D-IL]Rep. John Sarbanes [D-MD]
Rep. Mary Gay Scanlon [D-PA]Rep. Janice Schakowsky [D-IL]Rep. Kim Schrier [D-WA]Rep. Donna Shalala [D-FL]
Rep. Adam Smith [D-WA]Rep. Darren Soto [D-FL]Rep. Jackie Speier [D-CA]Rep. Thomas Suozzi [D-NY]
Rep. Rashida Tlaib [D-MI]Rep. Lori Trahan [D-MA]Rep. Juan Vargas [D-CA]Rep. Filemon Vela [D-TX]
Rep. Nydia Velazquez [D-NY]Rep. Bonnie Coleman [D-NJ]Rep. Peter Welch [D-VT]Rep. Ro Khanna [D-CA]
Rep. Nanette Barragan [D-CA]Rep. G. Butterfield [D-NC]Rep. James Clyburn [D-SC]Rep. Rebecca Sherrill [D-NJ]
Rep. Jose Serrano [D-NY]Rep. Vicente Gonzalez [D-TX]Rep. Tim Ryan [D-OH]Rep. Ruben Gallego [D-AZ]
Rep. Ann Kirkpatrick [D-AZ]Rep. Suzanne Lee [D-NV]Rep. Frederica Wilson [D-FL]Rep. Susan Wild [D-PA]
Rep. Brian Fitzpatrick [R-PA]Rep. Max Rose [D-NY]Rep. Jared Huffman [D-CA]Rep. Mark Takano [D-CA]
Rep. Al Green [D-TX]Rep. Lacy Clay [D-MO]Rep. Brian Higgins [D-NY]Rep. Luis Correa [D-CA]

History

DateChamberAction
2020-05-19HouseReferred to the Committee on Financial Services, and in addition to the Committees on the Judiciary, and Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
2020-05-19HouseReferred to the Committee on Financial Services, and in addition to the Committees on the Judiciary, and Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
2020-05-19HouseReferred to the Committee on Financial Services, and in addition to the Committees on the Judiciary, and Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
2020-05-19HouseIntroduced in House

Subjects


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Bill Comments

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